The singer lists $13.4 million in debt and only $1.9 million in assets in the filing, due to the abrupt closing of his restaurant, Eddie Montgomery's Steakhouse, last May. According to a report in the Lexington Herald-Leader, Montgomery personally guaranteed the business loans used to open the restaurant.

The restaurant will be sold in January in a master commissioner's sale.

Montgomery's divorce from former wife Tracy Nunan also contributed to the bankruptcy filing. According to his attorney, Jamie Harris, "It is very common with individuals dealing with divorce and business closure to have to seek out bankruptcy relief."

Montgomery's home in Boyle County, Kentucky is also on the market for $1.25 million.